Chapter 1
The unique skills and abilities that you bring to the job market.
What is your skill set?
Any income you receive from working.
What is earned income?
An increase in the general level of prices for goods and services.
What is inflation?
Things you must have for survival.
What are needs?
The chance of injury, damage, or economic loss.
What is risk?
This describes your work experience, education, skills, interests and other qualifications that qualify you for a job opening.
What is a resume?
Forms of compensation in addition to salary or wages.
What are benefits?
This occurs when we purchase something on the spur of the moment without thinking it through or without any planning.
What is impulse buying?
A report that is determined by the value of all assets and all liabilities.
What is a personal net worth statement.
Involves finding ways to lower your chance of incurring a loss.
A principle that affects the worth you place on an idea or action.
What is a value?
The amount of your paycheck after deductions.
What is net pay?
The value of all goods and services produced in a country in a given time period.
What is GDP/Gross Domestic Product?
A spending and saving plan based on your (expected) income and expenses?
What is a budget?
The price you pay for insurance coverage.
What is a premium?
A loan on which you pay no interest until you have graduated or are no longer enrolled in school.
What is a subsidized loan?
A person you claim on your tax return as a dependent.
What is an exemption?
When we save as much as possible and spend money only when necessary.
What is economizing?
A common internet scam that uses email messages to deceive you into disclosing personal information.
What is phishing?
A plan for sharing the risk of medical costs resulting from injury or illness.
What is health insurance?
A good place to to begin job market research online, published by the Department of Labor and Statistics.
What is OOH - Occupational Outlook Handbook?
Money withheld from your pay for the federal government to pay for medical care for retired persons age 65.
What is Medicare Tax
A raise given to employees due to the natural rise of inflation over time.
What is COLAs/Cost of Living Adjustments?
The process of converting data to a coded form.
What is encryption?
The process of identifying your risks and deciding how serious they are.
What is risk assessment?